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LAND-RESIDENTIAL

    Total Assessed Value Reductions: $ 200,000,000

    Total Tax Savings: 2+ Million Dollars

    Case Study #1: Home Builder receives a 65% reduction on 235 acres being held for future development!

    Case Study #2: Lot Developer receives reductions of 81% and 85% on multi-million dollar properties!

     

     

     

     

    Case Study #1: Home Builder receives a 65% reduction on 235 acres being held for future development!

    Total Tax Savings: $300,000+

    One of the largest single-family homebuilders in California has been holding a 235 acre parcel for future development. The developer acquired the property at the height of the last real estate boom only to discover the property was frought with environmental problems including: the “gnatcatcher”; a small “protected” stream; and a possible expansion of a State Highway. All these factors combined with an economic slowdown dramatically affected the value of this site. Protax LLC reduced the value by 65% and continued maintaining this reduction for years afterward. The total tax savings has exceeded $300,000 significantly reducing the project’s carrying costs.

     

    Case Study #2 : Lot Developer receives reductions of 81% and 85% on multi-million dollar properties!

    Total Tax Savings: $402,000

    During one of the real estate booms, a value-added lot developer specializing in the acquisition, conversion and development of undeveloped land into lots to sell to home builders acquired a large inventory of raw land. The two largest properties were comprised by a 32 acre parcel with a final map for 140 lots assessed in excess of $12 million dollars and a 66 acre parcel with no map assessed at $10,400,000. As the residential real estate market came to a standstill in the mid 1990’s existing home inventory grew and new home construction became virtually non-existent. Funding for any lot development ended as liquidity dried up. The fair market value for these properties entered into a free-fall. Protax LLC negotiated a reduced assessment of $2,300,000 for a 81% reduction on the first property and a reduced assessment of $ 1,600,000 for an 85% reduction on the second property.